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#106219 - 08/14/03 05:04 PM Reg CC and international checks
Anonymous
Unregistered

Does anyone know if there are different rules that apply when a check being deposited is drawn from another country? The branches are always wanting to know if we can put a longer hold on and I can't find anything written that states if the rules are the same or different.

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Operations Compliance
#106220 - 08/14/03 05:22 PM Re: Reg CC and international checks
redsfan Offline
Power Poster
redsfan
Joined: Dec 2000
Posts: 3,455
The Pennant Race
If you accept them for deposit, they are non-local items.

You would be better off accepting them for collection instead. That way, you don't have to forward funds until you actually receive them.
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#106221 - 08/14/03 07:09 PM Re: Reg CC and international checks
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
If the checks are not drawn on or payable at a bank in the United States (as the term "bank" is expanded in the Regulation), they are not subject to Regulation CC at all.

Be careful. If the check is drawn on a non-US bank but payable at one of their U.S. offices, it's a check and will be local or nonlocal depending on the location of that office relative to your receiving branch.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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